News Releases
Second Quarter Results
Edmonton, Alberta - July 29, 2009 - Athabasca Minerals Inc. (the "Company" or "Athabasca" - TSX Venture: ABM) is pleased to announce the filing of its second quarter financial results for the period ending May 31, 2009.
During the second quarter 2009, the Company generated revenue in the amount of $1,605,768, compared to $nil for the previous year's quarter ending June 30, 2008. The increase in revenue is attributed to the acquisition of Aggregates Management Inc. ("AMI") on November 20, 2008. The Company had net income of $18,491 for the second quarter, an increase of $339,682 from the previous year's comparable period loss of $321,191. The Company's first and second quarters are the slowest during the fiscal year, as the business is seasonal and historically operations have been the busiest during the third and fourth quarters.
The Company has now completed two financial quarters that includes the aggregate operations at Susan Lake. The Susan Lake aggregate operation is strategically located in the heart of oil sands activity. As announced on June 2, 2009, during the second quarter, the Company received an additional aggregate request for 1.7 million tonnes, bringing the total forecasted demand to 8.0 million tonnes for the fiscal year ending November 30, 2009.
Three Month Results
|
|
Period ending May 31, 2009 |
Period ending June 30, 2008 |
|
Revenue |
$ 1,605,768 |
$ nil |
|
Royalties |
$ 542,789 |
$ nil |
|
Operating expenses |
$ 289,474 |
$ nil |
|
Net income (loss) for period |
$ 18,491 |
$(321,191) |
|
Per Share (basic and diluted) |
$0.00 |
$(0.02) |
|
Total assets |
$16,652,669 |
$2,559,399 |
|
Resource properties |
$2,713,244 |
$2,376,506 |
Six Month Results
|
|
Period ending May 31, 2009 |
Period ending June 30, 2008 |
|
Revenue |
$ 2,622,590 |
$ nil |
|
Royalties |
$ 868,901 |
$ nil |
|
Operating expenses |
$ 707,404 |
$ nil |
|
Net income (loss) for period |
$ (250,797) |
$(733,754) |
|
Per Share (basic and diluted) |
($0.01) |
$(0.04) |
Dom Kriangkum, President and CEO states, "We look forward to continued aggregate delivery for the peak construction seasons of summer and fall. The rebound in the price of oil will benefit operations at Susan Lake, as additional projects move forward. The Company is being recognized as a leader in the aggregate industry which will position the Company to investigate, develop and manage additional aggregate operations in regions requiring aggregate materials."
The complete financial statements for Athabasca for the six month period ending May 31, 2009 and the Management Discussion and Analysis for the same period are available for viewing on SEDAR at www.sedar.com
About Athabasca Minerals:
Athabasca Minerals Inc. is a resource company engaged in the management, exploration and development of aggregates and industrial minerals in Canada. The Company's aim is to find and develop local sources of aggregates and industrial minerals essential to the economic development of specific high growth regions. The Company has substantial land holdings in the vicinity of Fort McMurray, Alberta and Peace River, Alberta.
On Behalf of the Board
Dom Kriangkum, President, CEO
Further Information:
For further information, please contact moc.slarenimacsabahta@ofni or Dean Stuart, Boardmarker Group, at (403) 517-2270 E: ten.rekramdraob@naed.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
This news release contains forward-looking statements that involve risks and uncertainties. Forwardlooking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Athabasca Minerals. The forward-looking statements or information contained in this news release are made as of the date hereof and Athabasca Minerals does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
